The Hong Kong Monetary Authority has collaborated with the Applied Science and Technology Research Institute on this joint venture.

A Hong Kong regulator has joined forces with a research institute to launch a scheme that seeks to nurture the talents within the city-state's growing financial technology industry.

The Hong Kong Monetary Authority and the Applied Science and Technology Research Institute have established the Fintech Career Accelerator Scheme, or FCAS, which is supported by 11 banks and nine universities. It aims to provide practical internships for undergraduate and postgraduate students interested in developing a career within the fintech industry, the HKMA said in a statement.

By training and cultivating students, FCAS helps prepare the next generation workforce for the banking sector through a scheme that combines academic theory with practice while building bridges between academia and the fintech industry.

“We can foresee strong demand for fintech talents and solutions especially given Hong Kong's global positioning as one of the top financial hubs, and also the meteoric growth of fintech in Mainland China,” said Franklin Tong, chief executive of ASTRI, adding: “The FCAS is a collective effort amongst the HKMA, ASTRI, the participating banks and universities to nurture fintech talents - embracing the latest global trends and developments in fintech.”